Binance, a cryptocurrency platform announced a disruption in its activities as it will stop accepting dollar transactions from Wednesday, February 8th
A statement on Twitter by the company explains that only a small portion of its user will be affected as transactions in other currencies are still accepted.
A spokesperson for the company further noted that “in the interim, all other ways to buy and sell cryptocurrency remain unaffected, including bank transfers using one of the other fiat currencies supported by Binance (including euros), buying and selling cryptocurrency via credit card, debit card, Google Pay, and Apple Pay, as well as via our Binance P2P marketplace.”
However, the company assured its users that the situation is only a temporal one and that there are ongoing efforts to rectify the problem.
- “Only a small part of our users will be impacted by this and we are working diligently to reinstate the service as quickly as possible. All other cryptocurrency purchasing and selling procedures are unaffected,” said part of the statement by the company.
Also read: Binance Halts Stablecoin USDC
Binance CEO’s Remarks
Although only 0.01% of active users trade in US dollars, Binance’s CEO Changpeng Zhao said on Twitter that “we appreciate that this is still a horrible user experience and the team is working on fast correcting this issue.”
In a separate tweet, Binance US, a unit of the company that’s regulated by the Treasury Department’s Financial Crimes Enforcement Network, said that it’s not affected by the suspension. Thus the move applies only to non-U.S. customers who transfer money to or from bank accounts in dollars. This means the restriction has had no impact on Binance US which is operated separately. Also, dollar deposits and withdrawals continue to work.
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